The Tonbo Imaging IPO allotment is due on Wednesday, 21 October 2026, after the ₹852.18 crore issue closed on 19 October with a subscription of 135.9 times. The Bengaluru-based defence electronics maker is set to list on the NSE and BSE on Friday, 23 October.
Demand came mainly from institutions. Qualified institutional buyers bid 293.56 times the shares reserved for them, while retail investors bid 31.07 times.
Tonbo Imaging IPO Subscription Status
The issue opened on 15 October and received 55.24 lakh applications by the close, according to Chittorgarh data reported by Business Standard. Overall subscription rose from about 4 times on the first day to 7.78 times at the end of the second day, and then jumped on the final day.
Tonbo Imaging IPO subscription by category
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 293.56x |
| Non-institutional investors (NII), total | 170.94x |
| Bids above ₹10 lakh (bNII) | 184.73x |
| Bids of ₹2 lakh to ₹10 lakh (sNII) | 143.37x |
| Retail investors | 31.07x |
| Overall | 135.9x |
The QIB category was subscribed only 3.95 times at the end of day two, so most institutional demand arrived on the closing day, which is typical for book-built issues.
Tonbo Imaging IPO Key Terms
The issue is entirely an offer for sale (OFS) of 1,21,74,046 equity shares of ₹2 face value. The company will not receive any proceeds, and the money goes to the selling shareholders.
- Price band: ₹665 to ₹700 per share.
- Lot size: 21 shares, which needs ₹14,700 at the upper band.
- Allocation: 50% for QIBs, 15% for non-institutional investors and 35% for retail investors.
- Shares outstanding before and after the issue: 5,72,82,100, since no new shares are issued.
- Implied market value at the upper band: about ₹4,010 crore, which is the share count multiplied by ₹700.
Demand in Rupee Terms
The retail category offered about 42.56 lakh shares, worth ₹297.92 crore, and drew bids for 13.22 crore shares worth ₹9,256.85 crore. In the QIB category excluding the anchor portion, ₹170.24 crore was on offer and bids worth ₹49,975.32 crore came in.
The offer-for-sale structure means the selling shareholders receive the money. The DRHP filed in December 2025 listed promoter selling shareholders, a promoter group selling shareholder and investor selling shareholders.
Tonbo Imaging IPO Anchor Book
Tonbo Imaging raised ₹255.36 crore from 43 anchor investors on 14 October at ₹700 per share, the top of the price band. It allotted 36,48,013 shares. Domestic mutual funds took 57.72% of the anchor allocation through 12 fund houses across 25 schemes.
Business Standard named Amansa Investments as the largest anchor buyer with 24.32 lakh shares. Lock-in for half of the anchor shares ends on 20 November 2026, and for the rest on 19 January 2027.
Tonbo Imaging Financials and Valuation
Tonbo’s revenue from operations fell 22.69% to ₹362.65 crore in FY26 from ₹469.08 crore in FY25, and profit after tax declined to ₹50.88 crore from ₹72.76 crore. Revenue in FY24 was ₹428.19 crore.
The RHP shows concentrated sales. The top 10 customers accounted for 77.83% of FY26 revenue, and tactical systems contributed 58.37%. Revenue from customers outside India was ₹20.21 crore, or 5.57%, in FY26, against 65.52% in FY25.
At the upper band, the pre-IPO price to earnings ratio is 78.83, based on pre-IPO earnings per share of ₹8.88. The RHP lists Bharat Electronics, Data Patterns, Astra Microwave, Zen Technologies and Paras Defence as peers. An independent review of the RHP also noted an accounting operating loss in the first quarter of FY27.
How Tonbo Imaging Compares With Listed Defence Electronics Peers
The RHP compares Tonbo with listed companies using price to earnings ratios. Paras Defence and Space Technologies is shown at 117.74, Data Patterns at 87.29, Astra Microwave at 83.92, Zen Technologies at 73.44 and Bharat Electronics at 45.70, against 78.83 for Tonbo at the upper band.
About Tonbo Imaging
Tonbo Imaging is a defence electronics original equipment manufacturer based in Bengaluru, with systems deployed in 24 countries. Its DRHP described it as founded in 2003 by technologists, and the promoters named in the offer documents are Ankit Kumar, Arvind Kondangi Lakshmikumar and Cecilia D’Souza.
Tonbo Imaging IPO Dates: Allotment, Refund and Listing
Tonbo Imaging IPO timetable
| Event | Date |
|---|---|
| Issue opened | 15 October 2026 |
| Issue closed | 19 October 2026 |
| Basis of allotment | 21 October 2026 |
| Refunds and credit of shares to demat accounts | 22 October 2026 |
| Listing on NSE and BSE | 23 October 2026 |
How to Check Tonbo Imaging IPO Allotment Status
Applicants can check the allotment on the registrar’s website or the exchange websites using their PAN, application number or demat details. People who want to invest in IPO online need a PAN-linked demat account, and many check the status in their share market app as well.
Applicants who do not receive shares have their blocked funds released, and refunds start on 22 October. The final listing price will be set by trading on 23 October, and the exchanges publish the opening price once trading begins.
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